Satoshi: Bitcoin foreseen as major currency.

[coinholic]

Since Bitcoin has become a dominant cryptocurrency online, would you say that Satoshi had foreseen Bitcoin becoming a major currency today? Any speculations as to what or who were his/her influences in creating Bitcoin?

[1715370670]

1715370670

[Thatstinks]

Yes, he knew it would rise 4000000% and he would vanish becoming a ghost and it would all be worth it LOL Then a core team would wreck it all and he'd end up crying himself to sleep left holding LTC.

[bitcoinmaniac52]

Since Bitcoin has become a dominant cryptocurrency online, would you say that Satoshi had foreseen Bitcoin becoming a major currency today? Any speculations as to what or who were his/her influences in creating Bitcoin?

A popular quote from Satoshi says that, (paraphrasing) "In 20 years from now (2009), Bitcoin will either have massive volume, or none."

It seems that Satoshi expected Bitcoin to be quite polarizing in that either it would be accepted by Humanity as a currency or rejected on the whole.

[krishnapramod]

Since Bitcoin has become a dominant cryptocurrency online, would you say that Satoshi had foreseen Bitcoin becoming a major currency today? Any speculations as to what or who were his/her influences in creating Bitcoin?

I guess Satoshi did knew that bitcoin would become popular, but not sure if he had foreseen the extent of bitcoins popularity. Satoshi chose 21 million as the limit because if bitcoin didn't become popular then the number wasn't too high and if it became popular then it wasn't too low.

My choice for the number of coins and distribution schedule was an educated guess.  It was a difficult choice, because once the network is going it's locked in and we're stuck with it.  I wanted to pick something that would make prices similar to existing currencies, but without knowing the future, that's very hard. I ended up picking something in the middle.  If Bitcoin remains a small niche, it'll be worth less per unit than existing currencies.  If you imagine it being used for some fraction of world commerce, then there's only going to be 21 million coins for the whole world, so it would be worth much more per unit.  Values are 64-bit integers with 8 decimal places, so 1 coin is represented internally as 100000000.  There's plenty of granularity if typical prices become small.

https://bitcoinfoundation.org/forum/index.php?/topic/54-my-first-message-to-satoshi/

As far why Satoshi created bitcoin:

The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.

There were a few centralized virtual currencies before bitcoin, one of them was DigiCash and then the Bit Gold proposal by Nick Szabo, Satoshi might have got influenced from these.

[squatter]

Since Bitcoin has become a dominant cryptocurrency online, would you say that Satoshi had foreseen Bitcoin becoming a major currency today? Any speculations as to what or who were his/her influences in creating Bitcoin?

I recall hearing that Satoshi said that if Bitcoin caught on, that it would be worth millions of dollars a piece someday. So he definitely considered the network effects if BTC managed to catch on and go mainstream.

As for his influences, he published the whitepaper and code on a cypherpunk mailing list, so there's a starting point. He also referenced the 2008 bank bailouts in the genesis block.

[pooya87]

Since Bitcoin has become a dominant cryptocurrency online,

if you are talking bitcoin among all the other cryptocurrencies the it has not "become dominant", it always was dominant, nothing has changed! altcoins are still the same useless things...

if you mean generally compared to other online moneyz like paypal for example or credit cards (generally the online payment methods) then bitcoin is far from dominant. it is still the best but not that many are using it yet.

would you say that Satoshi had foreseen Bitcoin becoming a major currency today? Any speculations as to what or who were his/her influences in creating Bitcoin?

since Satoshi could fly and also see the future at the same time, he predicted today whilst flying over Atlantic.

[Icculus.]

Since Bitcoin has become a dominant cryptocurrency online, would you say that Satoshi had foreseen Bitcoin becoming a major currency today? Any speculations as to what or who were his/her influences in creating Bitcoin?

Of course? It started as a project but every project is started with aspirations of it having significant impact or change on its environment. There's a book called Digital Gold that talks about a lot of unregulated currency and cryptography talks for as much as two decades before Bitcoin was created. In fact there were other attempts by other people to create such a currency, but each before Bitcoin was unsuccessful.

[Kakmakr]

The financial crisis of 2007–2008, also known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s.

It began in 2007 with a crisis in the subprime mortgage market in the US, and developed into a full-blown international banking crisis with the collapse of the investment bank Lehman Brothers on September 15, 2008.

Satoshi seemed to be pissed off with the financial system and the banks and wanted to create a Alternative system where centralized entities had no influence on people's private finances. < They make the bad decisions with excessive risk-taking by banks and ordinary people suffered, leading to massive bail-outs by governments with tax payers money. >

This tells me that he wanted Bitcoin to go mainstream to prevent this situation in the future.

[Francis Freeman]

Since Bitcoin has become a dominant cryptocurrency online, would you say that Satoshi had foreseen Bitcoin becoming a major currency today? Any speculations as to what or who were his/her influences in creating Bitcoin?

Yes, he strongly believed that. Otherwise why create Bitcoin?
I think his main goal was to achieve a great user base within 20 years. We are still far to achieve mainstream popularity and huge user-base but we are on the right road...

[BingoDog]

This is not very likely to happen. Of course that Satoshi wanted for bitcoin to become mainstream, he had excellent vision but I don't think that it can fight fiat. Too many circumstances are against bitcoin and it can't be just that easy fitted into financial system so bitcoin will probably remain "only" the most popular and accepted cryptocurrency.

[farwellbit]

Since Bitcoin has become a dominant cryptocurrency online, would you say that Satoshi had foreseen Bitcoin becoming a major currency today? Any speculations as to what or who were his/her influences in creating Bitcoin?

Yes he had a vision to make something that will be quite different from the real money we make use of and he knew it would become something with major difference. But I’m not sure he ever knew that it would go this far. This one was unexpected.

[Drnice]

Bitcoin as among the first sets of the crypto currency and having a very high market cap,  and also having a high price speculation which beats all other crypto currency price.
To me, bitcoin was created with the same reasons of making an online currency which will be used by everybody and anywhere through the internet.